One thing our history teaches us is that human beings do know a lot, and yet it also teaches us that they know nothing better than growing on a consistent basis. We can say this because the stated piece of knowledge has already fetched the world some huge milestones, with technology appearing as a rather unique member of the group. The reason why technology’s credentials are so anomalous is purposed around its skill-set, which was unprecedented enough to realize all the possibilities for us that we couldn’t have imagined otherwise. Nevertheless, a closer look should be able to reveal how the whole runner was also very much inspired by the way we applied those skills across a real world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence and made it the ultimate centerpiece of every horizon. Now, having such a powerful tool run the show did expand our experience in many different directions, but even after reaching so far ahead, this prodigious concept called technology will somehow continue to produce the right goods. The same has grown to become a lot more evident in recent times, and assuming one new HRM-themed development pans out just like we envision, it will only propel that trend towards greater heights over the near future and beyond.
As a part of all the recent announcements emerging from the company’s camp, Workday has officially launched multiple generative AI capabilities that will help users increase productivity, grow and retain talent, streamline business processes, and drive better decision-making. According to certain reports, the stated capabilities begin by giving us an accelerated setup for generating job descriptions. You see, Workday users create 30 million job descriptions per year, exhausting an average of one to two hours on every attempt. However, they can now expect to perform the same task in a matter of minutes, and they can do so through information already stored in Workday as the single source of truth for people data, such as the skills needed for the role and job location details. Given their administrative burden is off their shoulders, this feature should help hiring professionals land higher quality candidates. Next up, the development introduces to us a generative AI-driven contract analysis tool, which is meant to help users compare signed contracts against contracts in Workday Financial Management and integrated CRM data at a much faster clip than the widely-considered norm. Given the presence of AI, the tool will automatically alert users about any discrepancies early in the process. Once the alert has been sent out, it will then propose corrections before confirming the edits. Workday’s idea here is to eliminate downstream accounting errors, thus saving us a huge amount of time that we might just have spent in reversing and correcting downstream transactions. Another detail worth a mention is the way Workday AI capabilities will empower finance teams to automate the process of crafting past due notices in a comprehensive manner. By comprehensive, we mean it will extend recommendations on the tone of the correspondence, driven by how late the customer is, or how often they are late. Complimenting the same is an option to automate letters in bulk. This will let finance teams easily send an entire package, including past invoices, so to greatly increase throughput and recapture missing funds sooner.
“Generative AI has the potential to completely transform work as we know it,” said Sayan Chakraborty, co-president at Workday. “When applied responsibly, it has the power to elevate performance and to free up time to focus on the valuable work we really want and need to be doing. At Workday, we build solutions for business challenges where we can deliver clear and transformative benefits. We build enterprise-grade capabilities that are trustworthy, transparent, safe, and that keep the user in the driver’s seat at all times. Workday, our customers, and their employees are writing the playbook for how the future works together.”
Workday’s latest effort has also dedicated substantial focus towards expediting the service procurement process, a process which has traditionally been time-consuming with many teams like line of business, legal, procurement, and more, involved in the chain. Again, leveraging automation, Workday is going to help companies obtain efficiencies in statement of work (SOW), clause creation, and refinement. Not just reducing time, but the facet will also suggest relevant clauses, including project location, type of deliverables, and more, to be included depending on the type of project.
Moving on, we now must dig into Workday’s facility of personalizing all content to an individual level. The stated content can include talking points for managers about a new company bonus policy, key takeaways from company videos, and more. You can also trust this feature to improve the tone or length of your article, iterate on particular sections, or even translate the article to different languages to support a global workforce.
As far as availability is concerned, Workday’s AI setup to facilitate operations like job descriptions, contract analysis, knowledge management, collections letters, app development, employee growth plans, and statements of work, are penciled in for a roll out over the next 6 to 12 months. Once available, though, they will join the company’s 40 other AI and ML features that are already in use.
“We recognize that generative AI is a powerful technology with the potential to have great impact on conversational experiences, and you will see us apply it in ways that generative AI is uniquely suited for,” said Jeff Gelfuso, chief design officer at Workday. “We are incredibly excited about the possibilities at the intersection of conversational UI and generative AI, and you can expect Workday to deliver capabilities in the future that will unlock endless possibilities for reimagining how to interact with our products.”